今世缘(603369) / 白酒Ⅱ / 公司点评 / 2024.08.18 势能稳中向好，上市十年再扬帆 投资评级:增持(维持) 核心观点 证券研究报告 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-16 | | 收盘价(元) | 42.99 | | 流通股本(亿股) | 12.54 | | 每股净资产(元) | 11.56 | | 总股本(亿股) | 12.54 | 最近 12 月市场表现 -26% -18% -10% -2% 6% 14% 今世缘 沪深300 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 相关报告 1. 《开系适时合理提价，渠道推力信心 提振》 2024-02-29 2. 《结构提升稳健增长，百亿在即稳步 冲线》 2023-11-02 3. 《销售多点提升，营销求变高质冲线》 2023-09-01 ❖ 事件：公司发布 2024 年中报，24H1 实现营收 73.1 亿元，同比增长 22.3%； 实现归母净利润 24.6 亿元，同比增长 20.1%。24Q2 分 ...

社会服务 / 行业投资策略周报 / 2024.08.18 中报披露期，重视高景气教育旅游赛道 投资评级:看好(维持) 最近 12 月市场表现 -37% -29% -21% -14% -6% 2% 社会服务 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 分析师 于健 SAC 证书编号：S0160522060001 yujian@ctsec.com 相关报告 1. 《关注高景气教育、旅游赛道》 2024-08-11 2. 《政策积极引导，教育免税需要重点 关注》 2024-08-04 3. 《信心底部区间，关注回暖信号》 2024-07-28 核心观点 证券研究报告 ❖ 文旅：八月目前天气对于出行的扰动环比七月有所降低，关注近期政策 对于出行板块的催化。目前建议关注三个主题：1、东北、西北的暑期 话题度。2、机构关注度高、成长性好的个股的波段机遇：核心关注有 新项目/交通改善的九华旅游、峨眉山 A、黄山旅游等。3、低空经济重 塑景区交运产品矩阵机遇。 ❖ 酒店：截止 2024 年第 32 周，暑期入住率基本修复至去年同期水平，价 格恢复度与上周基 ...

农林牧渔 / 行业投资策略周报 / 2024.08.18 供应偏紧猪价延续上行，7 月产能回补较慢 投资评级:看好(维持) 最近 12 月市场表现 -18% -14% -10% -6% -2% 2% 农林牧渔 沪深300 分析师 余剑秋 SAC 证书编号：S0160522050003 yujq01@ctsec.com 相关报告 1. 《猪价震荡向上，鸡苗价格较快回升》 2024-08-17 2. 《供应偏紧猪价升破 20 元，持续推 荐生猪养殖》 2024-08-11 3. 《供应偏紧猪价延续上涨，持续推荐 生猪养殖》 2024-08-04 农业重点数据跟踪周报 证券研究报告 核心观点 ❖ 生猪养殖：猪价偏强上涨，价格周期反转。市场挺价情绪较强，供应持续偏紧 张；部分压栏大猪陆续出栏，预计短期肥猪价格会有所下降。中长期，企业 现金流压力明显，价格周期反转，持续推荐配置生猪养殖。1）数量端：7 月能 繁母猪存栏有所增加。根据钢联统计，7 月能繁母猪存栏量较 6 月环比 +1.11%，其中规模场环比+1.14%，中小散环比+0.20%。2）价格端：震荡向 上。根据涌益咨询，8 月 15 日，商品猪出栏价为 21. ...

投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-16 | | 收盘价(元) | 136.14 | | 流通股本(亿股) | 1.70 | | 每股净资产(元) | 37.01 | | 总股本(亿股) | 2.37 | 最近 12 月市场表现 -24% -16% -8% 1% 9% 17% 华海清科 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《CMP 业务稳步发展，新产品进展顺 利》 2024-04-28 2. 《把握机遇业绩高增，多元布局加速 成长》 2023-11-02 3. 《业绩高速增长，新业务发展良好》 2023-08-31 华海清科(688120) / 半导体 / 公司点评 / 2024.08.17 营收利润稳步增长，多地扩建厂房 证券研究报告 ❖ 事件：华海清科发布 2024 年半年报。2024 年上半年，公司实现营业收入 14.97 亿元，同比增长 21.23%；归母净利润 4.33 亿元，同比增 ...

Investment Rating - The investment rating for Hikvision (002415) is "Accumulate" (maintained) [1] Core Views - The overall operation in Q2 2024 is stable, with rapid growth in innovative businesses. The company reported a revenue of 41.209 billion yuan in 1H2024, a year-on-year increase of 9.68%, while the net profit attributable to shareholders decreased by 5.13% to 5.064 billion yuan. The non-recurring net profit attributable to shareholders increased by 4.11% to 5.243 billion yuan [4][6] Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved a revenue of 23.392 billion yuan, a year-on-year increase of 9.46%. However, the net profit attributable to shareholders decreased by 10.73% to 3.148 billion yuan. The non-recurring net profit attributable to shareholders remained stable at 3.483 billion yuan, with a slight increase of 0.02% [5][6] - For 1H2024, the domestic main business remained stable, with the PBG segment under pressure, reporting a revenue of 5.693 billion yuan (down 9.25%). The EBG segment grew by 7.05% to 7.489 billion yuan, while the SMBG segment was stable with a revenue of 5.789 billion yuan (up 0.64%). The overseas main business showed resilience, with a revenue of 11.441 billion yuan, an increase of 15.46% [6] Innovative Business Growth - The innovative business segment experienced rapid growth, generating a revenue of 10.328 billion yuan, up 26.13%, accounting for 25.06% of total revenue. The gross margin increased by 1.94 percentage points year-on-year. Notable growth was seen in storage (up 65.51% to 1.312 billion yuan), automotive electronics (up 60.35% to 1.606 billion yuan), thermal imaging (up 24.05% to 1.83 billion yuan), robotics (up 20.45% to 2.744 billion yuan), and smart home (up 12.17% to 2.449 billion yuan) [6] Future Projections - The company is expected to achieve revenues of 99.199 billion yuan, 111.391 billion yuan, and 125.912 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 15.355 billion yuan, 16.877 billion yuan, and 19.031 billion yuan for the same years. The corresponding PE ratios are expected to be 16.56, 15.07, and 13.36 times [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met expectations, with stable profit margins [1] - The company achieved revenue of 5.446 billion yuan in H1 2024, a year-on-year increase of 10.75%, and a net profit of 648 million yuan, up 27.38% year-on-year [3] - The company maintains a robust profitability despite price reductions, with a gross margin of 23.06% and a net margin of 11.87% in H1 2024 [3] - The global capacity layout supports key customers, with successful overseas base operations in Hungary and Sweden [3][4] - The company is expanding into harmonic reducers, which is expected to open a second growth curve [4] - Revenue projections for 2024-2026 are 12.695 billion yuan, 15.301 billion yuan, and 18.147 billion yuan, with corresponding net profits of 1.407 billion yuan, 1.652 billion yuan, and 1.901 billion yuan [4] Financial Performance Summary - H1 2024 revenue: 5.446 billion yuan, up 10.75% YoY - H1 2024 net profit: 648 million yuan, up 27.38% YoY - Q2 2024 revenue: 2.937 billion yuan, up 13.36% YoY, and net profit: 339 million yuan, up 27.03% YoY [3] - H1 2024 gross margin: 23.06%, net margin: 11.87% [3] - Projected revenue growth rates for 2024-2026: 20.77%, 20.53%, and 18.60% [5] - Projected net profit growth rates for 2024-2026: 17.13%, 17.46%, and 15.05% [5]

东方电缆(603606) / 电网设备 / 公司点评 / 2024.08.17 投资评级:买入(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-16 | | 收盘价(元) | 48.48 | | 流通股本(亿股) | 6.88 | | 每股净资产(元) | 9.64 | | 总股本(亿股) | 6.88 | 最近 12 月市场表现 东方电缆 沪深300 上证指数 -20% -10% -1% 9% 19% 29% 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《国内海外订单持续落地，有望持续 成长》 2024-08-06 2. 《一季度业绩超预期，在手订单充裕》 2024-05-12 3. 《高端海缆巩固龙头地位，海内外市 场持续开拓》 2023-08-12 证券研究报告 ❖ 事件：公司发布半年度报告，报告期末公司实现营业收入 40.68 亿元，同比增 长 10.31%；实现归母净利润 6.44 亿元，同比增长 4.47%；实现扣非净利润 5. ...

农林牧渔 / 行业投资策略月报 / 2024.08.17 投资评级:看好(维持) 最近 12 月市场表现 -19% -15% -11% -7% -4% 0% 农林牧渔 沪深300 分析师 余剑秋 SAC 证书编号：S0160522050003 yujq01@ctsec.com 相关报告 1. 《供应偏紧猪价升破 20 元，持续推 荐生猪养殖》 2024-08-11 2. 《供应偏紧猪价延续上涨，持续推荐 生猪养殖》 2024-08-04 3. 《供应持续偏紧，看好猪价上行趋势》 2024-07-28 猪价震荡向上，鸡苗价格较快回升 证券研究报告 7 月畜禽养殖跟踪月报 核心观点 ❖ 生猪养殖：猪价整体向上，产能回补较慢。供应整体偏紧，推动猪价上行， 压栏有所增加但影响整体有限；需求端暂无好转。据农业农村部，7 月生猪均 价为 18.65 元/kg，月环比+2.78%，月同比+30.01%。7 月出栏均重整体震荡， 根据涌益咨询，7 月全国平均商品猪出栏体重为 125.53kg，月环比-0.51%。7 月行业产能有所增加。由于夏季高温高湿天气，以及养殖模式结构的改变，中 小规模养殖户补栏情绪较为有限，南方部分中 ...

润本股份(603193) / 美容护理 / 公司点评 / 2024.08.17 驱蚊旺季快速增长，产品结构优化盈利能力增强 | --- | --- | |------------------------|------------| | | | | 基本数据 | 2024-08-16 | | 收盘价 ( 元 ) | 17.22 | | 流通股本 ( 亿股 ) | 0.61 | | 每股净资产 ( 元 ) | 5.02 | | 总股本 ( 亿股 ) | 4.05 | | 最近 12 月市场表现 | | -44% -35% -26% -17% -8% 1% 润本股份 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 相关报告 1. 《Q1 利润增速超预期，期待销售旺 季新品表现》 2024-04-25 2. 《营收规模持续增长，带动盈利能力 提升》 2024-01-25 3. 《Q3 营收增速减缓，净利率提升保 持盈利韧性》 2023-10-28 证券研究报告 ❖ 事件：公司发布 2024 年半年报：2024H1 公司实现营收 7.44 亿元，同比增 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Viewpoints - The company is a leading player in the digital printing industry, focusing on a comprehensive product matrix that includes digital printing equipment, inks, and process solutions, achieving over 50% market share in high-end textile digital inkjet printing machines in China from 2017 to 2019 [2][3] - The penetration rate of digital printing equipment is increasing, driven by the "small batch quick return" model in the textile industry, which is expected to accelerate the transition from traditional printing methods to digital printing [2][3] - The company is enhancing its revenue growth through a dual-driven model of "equipment + ink," with significant investments in production capacity for both digital printing equipment and inks [2][3] Company Overview - The company has been dedicated to the digital printing field for 30 years, developing a full industry chain advantage [13] - The product structure includes three main categories of digital printing equipment: direct-to-fabric printers, digital ink transfer printers, and high-speed industrial printers, along with various types of inks [13][52] - The company has a stable shareholding structure with no controlling shareholder, and the management team has extensive industry experience [49][52] Financial Analysis - The company has shown steady growth in profitability, with a CAGR of +28.24% in revenue and +34.83% in net profit from 2017 to 2023 [57] - The projected revenue for 2024-2026 is expected to reach 1.665 billion, 2.243 billion, and 2.927 billion yuan, with corresponding net profits of 416 million, 543 million, and 700 million yuan [3][4] - The company’s gross profit margins for digital printing equipment and ink have improved significantly, indicating enhanced profitability [57]